China Becomes Large Shareholder In Norwegian Air Shuttle
Aircraft leasing company BOC Aviation, controlled by the Chinese state, has become a major shareholder in Norwegian Air Shuttle as part of the ailing airline’s rescue plan, Norwegian said Wednesday.
In early May, Norwegian adopted a rescue plan, which included a deal with creditors to convert some of the company’s financial liabilities into equity. Leasing companies, from which Norwegian rents part of its aircraft fleet, will take over a significant chunk of the airline’s share capital. BOC Aviation, controlled by the Chinese state through multiple companies, will in turn hold 12.67 percent of the capital.
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